Media Release Dated: 16 March 2007

TMT Ventures and Endeavour i-cap Bought Out of GeoSmart

TMT Ventures Ltd (TMT) and Endeavour i-cap (EIP) have been bought out from their joint investment in GeoSmart Ltd, with the recent sale of GeoSmart’s digital mapping assets to NZAA.

The investment by TMT and EIP provided the funding to Geosmart to develop and introduce the first car navigation products for NZ in 2005. These have been licensed by BMW, Navman and other leading car companies. In addition, this funding nurtured the development of NZ’s leading web-based mapping tools and the joint development of the AA SmartMaps website.

Having made a satisfactory return, TMT and EIP are happy to see the business go to new owners who have the capability to take the business to the next step.

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